China's bicycle and electric bicycle industry achieved steady progress in the first three quarters of the year, amid a complex external environment, economic reshaping driven by technological revolutions and the enormous potential of the domestic market, according to an industry association.

"The industry has shown continuous recovery and positive growth, as Chinese companies have made efforts in deepening structural adjustments and accelerating transformation and upgrading," said Liu Suwen, president of the China Bicycle Association.

Production of bicycles and electric bicycles has remained stable in the past nine months, with both revenue and profits increasing and exports gradually stabilizing, according to the association.

"As environmental awareness continues to grow, and green, low-carbon lifestyles become more deeply ingrained, two-wheeled transportation products, with their unique advantages, are gradually becoming the preferred choice for people's travel," said Liu.

Liu made the remarks during an annual three-day bicycle industry conference, which opened in Guangzhou, capital of Guangdong province, on Friday.

The discussions from industry insiders and company representatives centered on further accelerating the development of the bicycle industry.

Data from the association show that the industry maintained a positive recovery trend in the first three quarters, with the revenue of enterprises above a certain designated size increasing by 8.6 percent year-on-year and profits increasing by 6.4 percent year-on-year from January to September.

Exports have stabilized and rebounded, with bicycle exports growing by 20.4 percent year-on-year in the first nine months, according to data from the association.

The international market is expected to recover more rapidly, with the export growth rate of electric bicycles expected to remain above 10 percent in 2024, according to Liu.

"Despite facing some challenges, the bicycle industry's development trend is optimistic, with major economic indicators steadily rising, the capacity for mid-to high-end supply continuously expanding and comprehensive regulation of the electric bicycle sector promoting standardized industry development," said Liu.

However, as a typical export-oriented industry, some bicycle and electric bicycle companies have already felt the effects of insufficient growth momentum in the global economy, according to Liu.

"Expanding the international market is no longer as easy as it once was, as competition within the industry from international counterparts is intensifying and internal competition is becoming increasingly severe, among other challenges," said Liu.

The current technological revolution, focusing on intelligence, green energy and health, has not only explored new paths to address major global issues like climate change and energy crises but also gradually leads to and creates significant new demand in the bicycle industry, according to Liu.

"The best way to overcome difficulties is to develop new sources of momentum — in the face of this technological wave, the two-wheeled transportation industry has also been actively exploring new technologies, products and services," said Liu.

The bicycle and electric bicycle industry in China has made substantial progress in technological innovation, brand building, and market expansion over the year, according to Liu.

"Intelligent and high-end products have been produced to meet the increasingly diverse needs of consumers, with a number of internationally competitive brands emerging, laying a solid foundation for Chinese two-wheeled products to reach global markets," said Liu.

source:  China Daily 

DISCLAIMER: THIS ARTICLE IS FROM THE INTERNET AND DOES NOT REPRESENT THE OPINIONS OF 鹏盛资本PENGSCPA. 鹏盛资本PENGSCPA DO NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF THE ARTICLE, WHICH IS FOR YOUR REFERENCE ONLY. IF ANYONE SUFFERS DIRECT, INDIRECT OR RELATED LOSSES DUE TO THE USE OF THE MATERIALS IN THIS ARTICLE, 鹏盛资本PENGSCPA WILL NOT BE LIABLE FOR SUCH LOSSES.